Crypto Beginner Guides

Trade Litecoin (LTC)

Litecoin

$30.56

Payments

Proof of Work

LiteCoin is a form of cryptocurrency that was released on 7th October 2011, via an open-source client, by Charlie Lee. On 13th October 2011, the Litecoin network went live and soon became rated among the world’s top five cryptocurrencies trading.

As Litecoin is closely related to Bitcoin, Litecoin prices are greatly determined by, or linked to, Bitcoin prices. If the price of Bitcoin goes up the price of Litecoin rises, and if they fall, those of Litecoin also falls. With its volatile nature, Litecoin as a cryptocurrency is bound to fluctuate in value dramatically from time to time.

Being second to Bitcoin and having some similarities, the cryptocurrency greatly rides on Bitcoin’s aid. Before a trader decides to choose Litecoin, they should look out for the market signals. If buyers embrace Bitcoin as a payment method, then they are usually bound to accept Litecoin as a payment method too.

Litecoin traders can trade via a wire transfer, debit or credit card and other payment methods. Payment can also be made using various fiat currencies by registering with one of the popular exchanges. Litecoin allows its traders to make purchases using Bitcoin as well. Additionally, exchanges provide clients with various storage wallets that enable them to keep, sell, transfer, spend and hold the cryptocurrency. Such wallets include Litecoin core, Trezor, Ledger Nano and Electrum-LTC, that can be installed on desktops. Loafwallet can be installed on mobile devices, and there is also Lite address, which is a paper wallet. However, with all the potential that comes with Litecoin cryptocurrency, traders are always advised not to trade more than they can afford to lose. Litecoin’s value can rise or fall at any time.

Litecoin can be used to purchase goods and services in the market at low prices, as well as for gambling in various online casinos. With its anonymous nature, gamblers sometimes prefer this option as their transactions cannot be traced by the bank. The transactions are also quick, with a transaction speed of under five minutes. Traders can, therefore, manage and trade their Litecoin money without the interference of any third parties.